Where Am I in the Homebuying Process?

A pre-approval letter from your lender basically states that you have the financial ability to purchase a home at a specific price. For a pre-approval, you'll need to provide some financial data that can later be verified and validated.

That will likely include the following:

  • Income (all sources)
  • Assets
  • Employment Information
  • Satisfactory credit score
  • Additional information may be needed

House Key

Moving Into Your Dream Home is Easier With a PenFed Mortgage

$500-$2,500 Credit At Closing

Up to $2,500 in lender credits assisting you with closing costs (only applies to purchase loans) ¹


Low Discounted Rates for Home Purchase



No Lender Fees 2


Disclosures Print Icon Print

For eligible fixed rate, ARM, and VA loans PenFed offers to all members who submit a completed home purchase mortgage application on or after March 1, 2020. Members can receive the lender credit upon closing with PenFed, subject to qualification and approval. For loans $0-$199,999 the lender credit will be: $500. For loans $200,000-$699,999 the lender credit will be: $1,000. For loans $700,000 and up the lender credit will be: $2,500. Pre-Approvals and refinance applications are not eligible for the lender credit. The seller and/or other credits must be reduced if the loan has reached the maximum allowable credit limit per the loan product. Please contact your PenFed Mortgage Loan Officer for more details. The lender credit is available for all funded purchase mortgages in all states, including District of Columbia, Puerto Rico and Guam.

Other fees may apply, such as discount points to buy down your rate.

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